Helped by a booming economy and rising incomes, China will soon become the world's biggest broadband market, according to analyst company Ovum.

China's broadband sector has been growing at a compound annual growth rate (CAGR) of 79 percent in the last three years. That growth will continue to boost the country's broadband market, which will reach 79 million subscribers next year, Ovum said in a research note Monday.

With a penetration rate of just 3.4 percent, China today still lags behind many countries in the Asia-Pacific region in terms of broadband adoption.